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Re-engineering innovation for the digital age

Although the days of incremental tweaking aren’t entirely over, winning means creating break-through innovation. That calls for organizational structures that are nimble, open to new input from extended ecosystems to drive a higher percentage of breakthroughs. And working in tandem with consumers.

Yet most companies are stuck in “small change” mode. Using outdated methods and expecting innovative results. The very definition of insanity. Now is the time to step off the crazy train. And change the approach to innovation and product development. Or risk being wiped off the competitive map.

KEY FINDINGS

In the digital world, game-changing innovation is the only currency that counts. Yet a full 80 percent of companies surveyed still use an outdated approach to innovation, namely gated innovation processes (with lean innovation and development) dominated by engineering and R&D. This is good enough for incremental tweaking, but not strong enough to produce real breakthroughs.

Companies should adopt a total solution mindset that creates a specific customer experience driven through an ecosystem of partners. And focus on creating customer experiences and building the ecosystem that supports those experiences.

They also need to change their mindset: from approaching innovation as one person/department’s wheelhouse to seeing it as the secret sauce that’s created when bringing different disciplines together.

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